Islamabad: The Federal Board of Revenue (FBR) on Monday notified the procedure for getting information from banks regarding account holders’ credit cards, deposits and cash withdrawal details – every month or as required by the authority, according to news sources.
As per the SRO 773, the banks are now legally obligated to provide particulars of account holders and profit on debt information. The Income Tax Ordinance has been amended through the Finance Act 2020, to conform with the Financial Action Task Force (FATF) recommendations.
Following are the details of the account holders’ that banks will be offering to the tax authority:
Computerised National Identity Card (CNIC)
National Identity Card for Overseas Pakistanis (NICOP)
Account Holder’s Name
Title of account
Address
Profession/business/occupation of the account holder
Moreover, each bank officer will furnish an annual profit on debt statement to the FBR for the immediately preceding calendar within three months of the year bed.
The FBR has also directed the banks to maintain records of steps undertaken and evidence relied upon for the due diligence procedures to get these records – for a duration of five years. The annual domestic reporting date for the banks shall be May 31 of each year.
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